Iraqi News

Thursday Morning Iraq Economic News Highlights 3-9-23

Expert: Dealing With The “Swift” System For Dollar Transfers Needs Time And There Is A Quick Solution

2023.03.08 – Baghdad – Nas  The academic and economic researcher, Abdul Karim Al-Issawi, said that what matters to the Iraqi street is how to bridge the gap between the two prices (official and parallel to the dollar), which has reached high levels, in addition to the lack of complexity in the process of obtaining dollars by small merchants who finance their imports, which resulted in continuous increases in prices. .

Al-Issawi believes, in an interview with the official newspaper, followed by “Nass”, (March 8, 2023), that “the Central Bank of Iraq concluded an agreement with the (JP Morgan) group to act as a mediator and settlement between the private sector and the exporters of Iraq, which is very necessary and would create a kind of Transparency in foreign financial transfers to Iraq.

At the same time, Al-Issawi pointed out that dealing with foreign transfers through the (Swift) system still needs additional time in order for banks to adapt to it, so it is necessary to take treatments that accelerate the response to the need of ordinary individuals for the dollar and work to increase the outlets for selling foreign currency and not limit them. in specific banks.

How Much Does The Budget Need To Be Passed In The House Of Representatives.. A Parliamentarian Answers

The representative of the State of Law Coalition, Asaad Al-Bazuni, revealed, on Wednesday, the reasons for the delay in sending the general budget to Parliament until now, while stressing that the creation of more than 750,000 job degrees is one of the obstacles to sending the general budget law to the House of Representatives.

Al-Bazouni said in a press interview, which was seen by “Takadam”, that “the creation of more than 750,000 job degrees constituted a burden on the general budget and worked to delay sending them to the House of Representatives until now,” noting that “the parliament needs no less than Two weeks to vote on it after the amendments that the parliamentary committees will add to some paragraphs.

And he continued, “The previous budgets did not witness the appointment of such numbers of employees at once,” pointing to “the possibility of recording objections to them from some political forces after the first and second reading of them.”

And he continued: “The government takes care to send the budget to Parliament in order to ensure that it is not greatly delayed in amending it and submitting it to the House of Representatives.”

An Iraqi Bank: Calculating The Exchange Rate Of 1320 Dinars For Currency Conversion Operations

Economy News – Baghdad The Iraqi Trade Bank confirmed, on Wednesday, that the exchange rate was calculated at 1,320 dinars for currency conversion operations.

The media expert at the bank, Aqil Al-Shuwaili, said in a statement, “It was decided to calculate the exchange rate at (1320) dinars per dollar for currency transfers in the event that electronic cards are used while traveling or via the Internet (online) and according to the instructions of the Central Bank of Iraq.”

Kurdish Leader: Determining The Percentage Of The Region In The Budget Depends On Conditions

Today, Wednesday, the leader of the Patriotic Union of Kurdistan, Ghiath Al-Sorji, pledged that the Kurdistan region’s share of the federal budget depends on several conditions and the ongoing talks between the parties.

Al-Sorji said in a press interview seen by “Takadum” that “there is a semi-final agreement to grant the region 14% in the 2023 budget, in return for Kurdistan’s commitment to hand over the official data on the sale of oil, or to hand it over to the Oil Marketing Company SOMO in Baghdad.”

He added, “The regional government’s handover of the revenues and official data related to the sale of oil to Baghdad is matched by a commitment by the central government regarding paying the debts of the extraction companies incurred by Kurdistan.”

Al-Sorji continued, “There is agreement on a 14% share for the Kurdistan region in the 2023 budget,” noting that “the matter is left to the House of Representatives, which has the last word in the chapter.”

Financial Times: The Iraq War Insulted America, Which Did Not Learn From Its Lesson

March 8, 2023  Baghdad / Obelisk: The Financial Times newspaper called for reflection on the Iraq war twenty years later, and how it left its mark in the form of a treasury of pain added to the bitter experience of Vietnam when the number of American forces in Vietnam reached its peak in 1969.

American casualties are much higher in Vietnam. Yes, and the war of conscripts leaves scars in society in a way that not all volunteers can do, but Iraq was the most controversial war fought by a Western country in the past half century, and yet it did not leave much of its impact on the culture of the Western generation, especially the mechanisms of opposition to war, or its acceptance .

Some leaders have fallen (José María Aznar in Spain), and others have been re-elected after a long period despite the war (George W. Bush and Tony Blair), but there has been no systemic change. Also, the question about how the leaders behaved during the war quickly faded away and was no longer a test of his patriotism, his rule, or anything else.

The current President of the United States, Biden, voted for it. So have every British prime minister since 2003 except for the last two, who were not MPs at the time. Had these leaders voted the other way, their rise would not have been halted.

On the margins he may have been helped by Donald Trump’s pledge to end “forever wars” in 2016. But there is no hope that we can attribute recent populism to post-Iraq disenchantment with elites. The populists are doing well in France, which has stayed out of the war. The Tea Party hates Barack Obama, who opposed it. If anything tainted the good reputation of the ruling class, it was the financial crash of 2008.

There was no Iraqi version of the Vietnam syndrome: no hesitation in the use or threat of hard force. By 2011, the West was engaged in Libya. France spent nine years in the Sahel. It is difficult to imagine the deployment of troops on such a large scale, and rightly so.

And Joe Biden suggests, over and over again, that America will defend Taiwan even though he is not formally obligated to protect it. It seems that there is no lesson in Iraq that can be learned from.

The pain in Iraq disturbed and shamed the United States, which made it not interact with Russia’s actions in Georgia, Crimea and Syria, which emboldened the Kremlin and led to the current war in Ukraine.

Even in the narrow sphere of military doctrine, the change brought about by the experience of Iraq (and the experience of Afghanistan) turned out to be fleeting. And here is the experience being repeated in Ukraine, as it was thought that the traditional wars between countries had ended.

For Iraq itself, the repercussions of the war have not ceased to appear. Including the rise of ISIS and the expansion of the stronger hand of Iran. Translated by Adnan AZ

Parliamentary Investment: Iraq Needs 150 Thousand Housing Units To Reduce Real Estate Prices

The Parliamentary Investment Committee confirmed that Iraq needs 150,000 housing units to reduce real estate prices.

Committee member Muhammad al-Ziyadi said in a press interview seen by Taqaddam that “the issue of investment falls within supply and demand.

He added, “There is a need in the capital, Baghdad, for 100,000 housing units, and we have to provide 150,000 units in order to be able to reduce the price of housing units.”

Al-Ziyadi explained that “providing units that are less than required will lead to an increase in demand and an increase in prices.”